ETH/USD surged to 1107 levels earlier in the day but failed to hold it strength. It is currently trading at 1070 levels at the time of writing (Kraken).

On the upside, a consistent break above 1120 levels (20-DMA) would see the pair testing 1174 (50% retracement of 1594.89 and 755)/ 1200. Further strength would target 1274/1300.

On the downside, support is seen at 1013 (1h 50-SMA) and a break below would see it testing 953 (4h 200-SMA)/ 925 (61.8% retracement of 512 and 1594.89). Further weakness would target 900/858 (50-DMA)/800.

Momentum studies: On the daily chart, RSI is holding above 50 while MACD line below the signal line. The pair faces strong resistance at 20-DMA and a break above would see further upside in the pair.

Recommendation: Wait for clear directional bias.

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